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Initial Membership: Resident IS WAIVED FROM PAYMENT to Referring Agent for processing and for the establishment of Resident as a member in the Program. The date that this Agreement shall be fully executed and considered "Active" by Referring Agent and Resident shall be determined by either: *The first day of the month following receipt of this Agreement. *The first day of the month of the current lease if prior to registration in the program. At Membership Renewal: Resident is waived from renewal fees for the first 5 years. Upon the renewal of the sixth year, Resident shall pay to Referring Agent a fee of $72.00 as non-refundable renewal dues for the continued participation in the Program if the Resident renews his/her lease and wishes to continue participation in the Program after the lease expiration date listed in this Agreement. However, Resident is required to complete a renewal form with new lease information and submit such form to Rent2Home.Net as notification of resident's intent to renew his/her membership. At which point, Resident will be given a 30 day grace period to submit a renewal form before the membership status is changed to "Expired". Once the membership status is changed to "Expired", the Resident must pay a "Re-Activation" Fee in the amount of $25.00 if he/she wishes to continue participation in the program. Disclosures: Resident acknowledges that the credits that can be used towards a real estate purchase are not solely determined by the total amount earned, but rather determined by the lesser of either the total credits earned or by the maximum usable savings levels that are defined by the Renter Rewards Membership. This determined amount shall be referred to as the "Net Usable Savings" and shall be credited to buyer ONLY at the close of escrow. No credits will be paid outside of escrow or prior to the consummation of the sale. RENT2HOME.NET and its Network Agents will not take part in any real estate practices that are unethical, illegal or that constitute loan fraud. All or any portion of the Net Usable Savings that is not used through the close of escrow will be forfeited. This includes any amount that is not allowable by the lender funding the Resident's loan. Resident acknowledges and agrees to the terms for which he/she can use his/her earned credits. TERM OF THIS AGREEMENT: This Agreement shall commence on the Effective Date (as defined as the Active date in the Registration Dues Section mentioned above) and terminate on the first to occur of (i) the expiration or termination of Resident's lease as stated in this Agreement. (ii) Resident's default under the provisions of this Agreement, (iii) Referring Agent’s payment of a RENT2HOME Net Usable Credit Amount as provided in the Benefits section above for the benefit of Resident, or (iv) the expiration of the day that is the 30th day after Resident is notified in writing that Referring Agent has elected to terminate this Agreement. Referring Agent may, in its sole discretion, elect to terminate this Agreement at any time. TAXABLE INCOME: Resident acknowledges that the RENT2HOME Credit is income taxable under applicable federal and state laws. After Resident has received the benefit of the RENT2HOME Credit Amount, Referring Agent will provide Resident with an Internal Revenue Service Form 1099 in accordance with applicable federal and state laws. CHANGES IN PARTICIPATING AGENTS: Resident agrees and acknowledges that Network Agents may be added and deleted from this list. At such time as a Network Agent whom has not procured a purchase of a Unit for Resident elects for any reason not to participate in the program, any rights of Resident under this Agreement, and any liabilities of Referring Agent under this Agreement, with regard to such Network Agent shall cease. INDEMNIFICATION: Resident shall indemnify, defend and hold Referring Agent harmless for, from and against any and all losses, claims, demands, costs and expenses of any kind or nature including, without limitation, reasonable attorneys' fees and costs, that are or may be incurred by Referring Agent in connection with or relating to Resident's purchase or agreement to purchase a Unit procured by a Network Agent and in connection or relating to the Resident's participation in the Program. INFORMED CONSENT: Resident hereby acknowledges that Resident is giving its consent in the event that Referring Agent is acting on the Participating Apartment Communities’ behalf without coercion and understands the terms of the consent given. Broker shall not disclose any confidential information for one year after the revocation or other termination of this Agreement or any other agreement entered into with Resident in connection with the Program, unless Broker is required to do so by a court of competent jurisdiction or is given written permission to do so by Resident. MISCELLANEOUS: If any action arising out of this Agreement is brought by either party hereto against the other, then the non-prevailing party to such action shall pay to the prevailing party all costs and expenses including, without limitation, reasonable attorneys' fees and costs, incurred by such prevailing party. If the prevailing party shall recover a judgment from the non-prevailing party in such action, such costs and expenses shall be included in such judgment. This Agreement shall be binding upon and inure to the benefit of Resident, Referring Agent and their respective successors and assigns. Notwithstanding the foregoing, Resident may not assign this Agreement without Referring Agent’s prior written consent, which consent may be withheld in Referring Agent’s sole discretion. This Agreement does not create a partnership or joint venture between Referring Agent and Resident. Neither Referring Agent nor Resident shall have any right or authority to bind the other to any obligations. The parties do not intend to confer any benefit under this Agreement to any person or entity other than Referring Agent and Resident. This Agreement may be executed in two or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument. This Agreement shall be governed by and construed in accordance with the laws of the State in which the Resident resides and originally executed this Agreement with Referring Agent. In the event that governing State laws do not allow for Resident to take advantage of the benefits provided by the Program, the Processing Dues will be fully refunded to Resident and the membership will be null and void. This is the only exclusion to the Processing dues being non-refundable. This Agreement constitutes the entire agreement between Referring Agent and Resident with respect to the subject matter of this Agreement and, accordingly, this Agreement supersedes all prior agreements and understandings with respect thereto. This Agreement may not be amended, altered or modified except by a written instrument executed by Referring Agent and Resident. Referring Agent holds an active Real Estate license in one or more states and has established RENT2HOME.NET (the "Program"). Pursuant to the Program, Referring Agent contracts with certain licensed Realtors (the "Network Agent"), and, through agreements such as this Agreement, with certain residents (the "Resident/Members") of numerous apartment communities. Pursuant to Referring Agent’s agreements with Network Agents, Referring Agent and the applicable Network Agent agree that, among other things, Referring Agent will market and advertise the Program, Referring Agent will provide the Network Agents with the Registration Information provided below by Resident and Network Agent will pay Referring Agent a commission on each sale of a home to a Resident/Member. Referring Agent and Resident desire to enter into this Agreement to provide for the terms and conditions of Resident's participation in the Program including, without limitation, Resident's right to receive the benefits of Referring Agent’s contribution toward Resident's purchase of a home procured by Network Agent. Resident hereby covenants and agrees that: Resident will have the Network Agent exclusively accompany himself or herself to any Unit that Resident is contemplating purchasing. Deliver to Referring Agent a copy of any agreements it enters into with a Network Agent prior to the expiration of the tenth day after entering in to such agreements; Comply with any rules, regulations and procedures implemented from time to time by Referring Agent in connection with the Program; and If Resident does not comply with items above, and retains the services of a real estate broker or salesperson other than a Network Agent assigned by the Referring Agent for the purchase of a Unit, Resident shall forfeit any Credits earned, thus not be entitled to the RENT2HOME Credit Amount and any benefits granted by the program.
I hereby acknowledge and agree to the terms and conditions of the Rent2Home.Net Renter Rewards program for which I am registering for. I further acknowledge that Rent2Home.Net is a Real Estate Referral Service and I am required under the terms of this agreement to use the referral services of Rent2Home.Net in order to use my membership credits.
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